- We were entitled to be paid – Kgori Capital
- P10m debited to Kgori accounts in 10 months
- The matter is handled poorly- Kgori
The remaining shareholders of Kgori Capital are fighting tooth and nail to clear their company name following the backlash from former shareholder, Bakang Seretse’s highly publicised money laundering case.
This publication is reliably informed that all the company’s previous transactions have been put under scrutiny by the Directorate of Public Prosecutions (DPP). Last week the agency successfully put a restraining order on the company for P15 million which the DPP Director Stephen Tiroyakgosi says represents a reasonable estimate of the value of benefits and incidental expenses derived by Kgori Capital as a result of multiple, criminal related activities.
The DPP Director contended through court papers before Lobatse High Court Judge Abednico Tafa that the offences against Kgori Capital include cheating the public of revenue; abuse of public office; obtaining by false pretences and money laundering. The papers filed in court reveal that Kgori Capital had, over a period of 10 months, debited to the Kgori National Petroleum Fund Account held with Stanbic Bank a total amount of P10 million ostensibly as management fees contrary to the consultancy agreement.
Responding to the issue of the restraining order, Kgori Capital Managing Director Alphonse Ndzinge said the Board and Management of Kgori Capital were,” Truly saddened by an unfounded legal matter now making its way into the public domain.’’ He said a number of inaccuracies are being shared that are bordering on malice. Ndzinge said his company refuses to accept any further efforts to tarnish their business reputation.
‘‘A current matter now before the courts – in which Kgori Capital was sub-contracted to provide fund management services and earned fund management fees is being questioned. While we do not deem it necessary to go into tremendous detail, it must be explicitly stated that no criminal charges have been brought against Kgori Capital or its current Directors. Any suggestion to the contrary would be malicious intent. The matter is one based on speculation and misinterpretation of a consultancy agreement, with a clear lack of consideration for all the facts and documented evidence’’, Ndzinge wrote in a statement released on Monday afternoon.
He said it was unfortunate that such matters are forced into the public space with no real appreciation for the implications when handled poorly. ‘‘We remain confident the court will deal with this matter appropriately once all the relevant documentation has been submitted to them’’, he concluded.
Speaking to this publication in an exclusive interview, Ndzinge revealed that they will be filing their answering affidavit at the High Court on Monday. ‘‘Basically none of these offences can be backed up by evidence. Kgori rendered services. We had a contract with government and we were entitled to be paid. Our fees and the manner in which we were paid is consistent with industry practice. There was no cheating or any form of criminality’’, Ndzinge said.